Venezuela Forgoes Nearly $30 Bln in Oil Revenues

(Energy Analytics Institute, Piero Stewart, 12.Jun.2018) – Venezuela will continue to forgo substantial oil revenues this year due to its collapsing production.

In the last four years of the administration of Venezuelan President Nicolas Maduro, the country’s oil production has fallen between 1.361 million barrels per day (MMb/d) according to secondary sources and 1.533 MMb/d according to the state oil entity PDVSA, wrote Ecoanalitica Director Alejandro Grisanti in a Twitter post. As a result, Venezuela will forgo oil income in 2018 estimated between $29.8 billion and $33.6 billion respectively, wrote Grisanti, a former analyst at Barclays in New York City.

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